Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.

Wednesday, January 30, 2013

WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION

“Politicians certainly must be considered the
most formidable barrier to fundamental tax reform.” - David A Hartman

Amen
to that!

Welcome
to the last BUZZ installment until after the end of the tax filing season.It is “chock-a-block” with good stuff.

“One old familiar scheme is getting taxpayers
to apply for a short-term tax refund loan at a tax preparation business. Most
people, if they read the paperwork, are surprised to learn that the company,
without their consent, had filed a return on their behalf. The company then
charged exorbitant fees, which it took from the taxpayer's refund.”

“Kiplinger magazine and the National
Association of Personal Financial Advisors (NAPFA) are teaming up for the
annual Jump-Start Your Retirement Plan Days to bring you free one-on-one
personal finance advice.

NAPFA members
(including me!) from across the U.S. will be standing by to answer your
questions from 9:00 a.m. to 5:00 p.m. ET on Thursday, February 7 AND Tuesday,
February 12, 2013.”

“Whether they do it themselves on paper or
with tax software or use a tax pro, the taxpayer has to understand that they
are responsible for everything on the return. It’s their return and they will
answer to the IRS (or state tax authority) if there is a problem. They will be
the one responsible for paying the extra tax, penalties and interest.

So, take the time to
review your return before you sign anything. Check dependents, income and deductions.
Is there something wrong or missing? Find out why. Don’t assume that the
software or tax pro is right. Ask questions.”

I
would just add – also don’t assume that the tax pro is wrong if there is
something you do not understand.Indeed
– ask questions.

And,
unless you are very knowledgeable about the Tax Code, do not use a software
package to “self-prepare” your return!

*
TAX MAMA Eva Rosenberg discusses the Free Application for Federal Student Aid
(FAFSA) in “A New Year, A New FAFSA” at EQUIFAX.COM.

‘In short, I
propose putting a 50% surtax — or maybe it should be 75%, I’m open to
discussion — on the post-government earnings of government officials. So if you
work at a cabinet level job and make $196,700 a year, and you leave for a job
that pays a million a year, you’ll pay 50% of the difference — just over
$400,000 — to the Treasury right off the top. So as not to be greedy, we’ll
limit it to your first five years of post-government earnings; after that,
you’ll just pay whatever standard income tax applies.’

Plus make them wear clown clothes to work.”

Write your Congressidiot today and ask that
this be included in any tax reform package enacted in 2013!

THE FINAL WORD-

As I said at the beginning - this will be the last
BUZZ installment until AFTER the end of the tax filing season.

If you suffer from BUZZ-withdrawal you can check
out Joe Kristan’s weekday-daily BUZZ-like “Tax Roundup”.

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AIN'T THAT THE TRUTH!

DONALD T RUMP HAS NOT DONE A SINGLE THING THAT IS "APPROPRIATE" OR "ACCEPTABLE" FOR A CANDIDATE OR A PRESIDENT SINCE THROWING HIS HAT INTO THE RING.EVERY SINGLE DAY TRUMP PROVIDES MORE PROOF THAT HE IS AN IGNORANT, SELF-ABSORBED, UNFIT, MENTALLY UNSTABLE IDIOT, AND A DEPLORABLE AND DESPICABLE HUMAN BEING.TRUMP MUST BE REMOVED FROM OFFICE FOR MENTAL INCOMPETENCE ASAP! PLEASE READ AND SHARE THIS - THE TRUTH ABOUT TRUMP'S MENTAL CONDITION

Donald T Rump has not done a single thing that anyone with intelligence would consider “appropriate” or “acceptable” for a President since deciding to run for office.

Every single day Trump provides more proof that he is an ignorant, self-absorbed, unfit, mentally unstable idiot, and a deplorable and despicable human being, who must be removed from office ASAP.

VERY IMPORTANT -

(1) Before contacting me with questions about how a blog post relates to your specific situation, please be aware that I do not give free tax advice to non-clients by e-mail, comment response, or phone. So don't waste your time and mine.

(2) I am winding down my tax practice, and I will not, under any circumstances, accept any new clients. Period. I am actually trying to "thin the herd".